SLGI Asset Management Inc. announces proposed changes to select mutual funds

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TORONTO, May 31, 2021 /CNW/ – SLGI Asset Management Inc. (“SLGI Asset Management”) announced today proposed changes to select mutual funds. These changes are meant to streamline the SLGI Asset Management product lineup.

Effective on or about July 30, 2021, SLGI Asset Management intends to terminate Sun Life Excel India Balanced Fund and Sun Life Excel New India Leaders Fund (the “Terminating Funds”) and distribute the proceeds to the investors of record of the Terminating Funds on that date. As part of the termination, SLGI Asset Management will liquidate the investments of each of the Terminating Funds.

Effective immediately, management fees, short-term trading fees, and deferred sales charge/low load sales charge redemption fees for the Terminating Funds will be waived. The Terminating Funds will also be closed to all purchases immediately, including pre-authorized chequing plans, and switches-in. Monthly distributions for the Sun Life Excel India Balanced Fund will cease after today’s distribution payment.

As part of the termination, a special distribution will be paid today, May 31, 2021, to investors in Sun Life Excel India Balanced Fund on record as of May 28, 2021 (the “special distribution”). This will be in addition to the regular monthly distribution that investors in Sun Life Excel India Balanced Fund receive. The special distribution amount reflects the estimate of the total amount of capital gains and foreign income that will be realized by Sun Life Excel India Balanced Fund in 2021, less any amounts that have already been distributed in the year. The dollar amount of the special distribution per unit to be paid for each series is shown below. 

Sun Life Excel India Balanced Fund

Series

$ Special Distribution per Unit

A

0.272505

F

0.321366

X

0.263917

Prior to termination, Sun Life Excel India Balanced Fund may be required to make an additional distribution, if the total of the capital gains and foreign income earned by the fund in 2021 exceed the amount of the distributions paid out in the year, including the special distribution paid out today. However, if the distributions made in the year exceed the actual capital gains and foreign income earned by Sun Life Excel India Balanced Fund in 2021, the difference will be characterized as a return of capital for investors.

The Sun Life Excel New India Leaders Fund will not make a special distribution. However, the fund may be required to make a final distribution prior to termination if the total amount of the fund’s capital gains and foreign income in 2021 exceeds current estimates.

Each of the underlying funds in which the Terminating Funds invest (the Growth & Income Class and New Leaders Class) is a distinct class of shares of Excel Funds Mauritius Company Ltd. (the “Mauritius Company”). Following the termination of the Terminating Funds, the Mauritius Company will also be wound up as part of this process.

Impacted investors are recommended to contact their financial advisor to discuss the terminations, the distributions and their options.

About SLGI Asset Management Inc.

SLGI Asset Management Inc. is a subsidiary of Sun Life Financial Inc. It offers Canadians a diverse lineup of mutual funds and innovative portfolio solutions, empowering them to pursue their financial goals at every life stage. We bring together the strength of one of Canada’s most trusted names in financial services with some of the best asset managers from around the world to deliver a truly global investment platform. As of March 31, 2021, SLGI Asset Management Inc. manages $33.7 billion on behalf of institutional and retail investors from coast-to-coast and is a member of the Sun Life group of companies. For more information visit www.sunlifeglobalinvestments.com or connect with us on Twitter @SLGI_Canada.

About Sun Life

Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2021, Sun Life had total assets under management of $1,304 billion. For more information please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Media Relations Contact:
Alexandra Locke
Manager, Corporate Communications
T. 416-408-7357
alexandra.locke@sunlife.com 

SOURCE SLGI Asset Management Inc.